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Home
 > Retirees
 > Insurance in Retirement
 > Basic Group Life Insurance

Basic Group Life Insurance

Benefits

If you are covered under the VRS Group Life Insurance Program, some basic group life insurance benefits will continue into retirement or if you are eligible to retire but defer retirement. Your coverage will end if you have not met the age and service requirements for retirement or you take a refund of your member contributions and interest.

Your coverage includes

Coverage

Your coverage begins to reduce on January 1 following one calendar year after your employment ends. You may end employment and defer retirement until a later date; however, the Group Life Insurance will begin reducing based on the last month of employment. The reduction rate is 25 percent each January 1 until it reaches 25 percent of the total life insurance benefit value at retirement. If you have at least 30 years of creditable service, your coverage cannot reduce below $8,111. This minimum will be increased annually based on the VRS Plan 2 cost-of-living adjustment calculation.

When... Then... Example

You retire/defer retirement;

Your life insurance benefit is equal to your compensation at retirement, rounded to the next highest thousand and then doubled

You retired on March 1, 2015. Your compensation at retirement was $49,780; for your life insurance coverage, that amount is rounded to $50,000 then doubled to equal $100,000 at retirement

On January 1 following one calendar year after your employment ends (January through December)

Your life insurance coverage reduces 25 percent

Your first 25 percent reduction was on January 1, 2017 with remaining coverage of $75,000

On January 1 following two calendar years after your employment ends (January through December)

Your life insurance coverage reduces another 25 percent

Your next 25 percent reduction will be on January 1, 2018 with remaining coverage of $50,000

On January 1 following three calendar years after your employment ends (January through December)

Your life insurance coverage reduces a final 25 percent and remains at that value for the rest of your retirement.

Your final reduction will be on January 1, 2019 and your coverage will remain at $25,000 for the rest of your retirement.

Keep Your Beneficiary Up to Date

To change your beneficiary, complete the Designation of Beneficiary (VRS-2) and mail it to VIRGINIA RETIREMENT SYSTEM, P.O. Box 2500 Richmond, VA, 23218-2500.

Questions about Life Insurance Coverage

Richmond Office
Minnesota Life
P.O. Box 1193
Richmond, VA 23218-1193
1-800-441-2258

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